Mukesh Ambani loses Asia’s richest tag as he becomes poorer by Rs 44,000 crore

New Delhi, Mar 10: With oil prices and global stocks collapsed on Monday, Asia's richest person Mukesh Ambani became poorer by over Rs 41, 700 crores as shares of Reliance Industries plunged 13 per cent, falling most since October 2008.

According to the Bloomberg Billionaires Index, Jack Ma, the co-founder of Alibaba Group and the richest person in China is now back to the top with a $44.5 billion fortune while Mukesh Ambani stands at 2nd with $42.2 billion.

''The billionaire's net worth stood at $ 41.8 billion, down 12.40% as of 13:45 pm on Monday. In a single day, his net worth fell by $5.9 billion,'' Forbes real-time net worth noted.

Ambani emerged as the second-biggest loser last week, after Facebook CEO Mark Zuckerberg, Forbes reported, as global markets continued to fall due to coronavirus fears.

RIL shares saw massive selloff on Monday after crude oil prices fell over 31 per cent as top exporter Saudi Arabia launched a price war after talks with Russia on reducing oil output failed to reach a consensus.

In November 2019, RIL became the first Indian company to hit a market capitalisation of Rs 10 lakh crore. In this year so far, RIL's market value fell by Rs 3 lakh crore.